Gulf telcos sign deal to create $2bn tower company
- Date: 05-Dec-2023
- Source: AGBI
- Sector:Financial Markets
- Country:UAE
Gulf telcos sign deal to create $2bn tower company
Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […]
Ooredoo, Zain and Tasc join forces
Revenue of $500m anticipated
Agreement will boost connectivity
Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa.
The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with an estimated value of $2.2 billion.
Qatar’s Ooredoo and Kuwait’s Zain will hold a 49.3 percent stake each while the founders of Tasc will hold the remainder, according to a filing to Abu Dhabi Stock Exchange.
The tower business is expected to achieve run-rate revenues close to $500 million annually, it added.
The deal is expected to be completed next year, subject to regulatory approvals.
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